Insights Engine Market Expected to be Worth US$ 860 Mn by 2027 and register a strong growth of 19.7% in its CAGR. An Insights Engine is a platform that uses relevance ways to discover, organize, and analyse data to enable current or synthesized knowledge to be delivered proactively or interactively.
By enabling the necessary ability to interact with content and extract insights without modifying it at the source, insights engine platforms assist businesses in developing an evidence-based understanding of client needs.
Insights Engine Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027), published by Future Market Insights, projects that the market would surpass US$ 860 million by that year.
Vertical – Focus on IT & Telecom and Retail & Consumer Goods in Insights Engine Market
The verticals to keep an eye out for in the insights engine market are IT & Telecom and Retail & Consumer Goods. Retail & Consumer good vendors are adopting insights engine platforms to gain an in-depth understanding of customer needs and predict search queries to improve result relevancy. Insights engine platforms are also being tested and implemented in various IT & Telecom companies to allow them to gauge customer usage patterns. It becomes possible to extract maximum customer revenue by way of insights engine platforms. The retail & consumer goods vertical is slightly larger than the IT & Telecom vertical at the end of the forecast period.
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Component – Services Component to Grow Rapidly in Insights Engine Market
In 2017, the software component is roughly thrice the size of services in the insights engine market. Nonetheless, the services component is on track to witness an exponential CAGR of 20.6% from 2017 to 2027, making it a lucrative opportunity that cannot be ignored in the insights engine market. Almost all providers offer timely software updates to their insights engine platforms as it is absolutely critical. However, the update occasionally raises compatibility issues with legacy systems that the client may be using. The issues are typically related to customization and functionality and could constraint growth of the insights engine market.
Deployment – SaaS Tails On-Premise Deployment in Insights Engine Market
On-premise deployment is considerably larger than SaaS deployment segment in the insights engine market and is likely to retain its pole position through the next decade. The on-premise deployment segment is poised to have a value of just under half a billion in the insights engine market by end 2027. The market attractiveness index of the on-premise deployment segment is 5.0 and companies would be advised to focus their attention on this highly lucrative segment in the insights engine market.
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Region – North America Highly Influential in the Insights Engine Market
North America had the largest contribution in 2017 and is projected to gain a massive 610 BPS by the end of the forecast, at the expense of all other regions in the global insights engine market. North American enterprises are seeking to harness the potential of machine learning and AI capabilities for customer feedback, sales support, and marketing activities and companies in the insights engine market now offer their products at a highly competitive price. This allows businesses there to opt for updated search solutions, growing the overall insights engine market.
Competition Dashboard in the Insights Engine Market
The companies profiled in the report are Funnelback, IntraFind Inc., Coveo Solutions Inc., Sinequa, Microsoft Corporation, Attivio, Mindbreeze GmbH, Dassault Systèmes, Smartlogic, IBM Corporation, Microfocus, Lucidworks, Expert System, IHS Markit Ltd, and Market Logic.
Insights engine platform vendors would do well to expand their business in North America by entering into agreements with small and medium-scale enterprises. Insights engine platforms could further enter into partnerships with cloud service providers and launch new solutions as online shopping is on the verge of a boom.
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Insights Engine Market Taxonomy
- IT and Telecom
- Retail and Consumer Goods
- Healthcare & Life Sciences
- Media & Entertainment
- Transportation & Logistics
- Travel & Hospitality
- North America
- Latin America
- Western Europe
- Eastern Europe
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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